Private education group, Curro has released its financials for the full year ended December 2015, showing astounding growth in revenue since 2010.<\/p>\n
For full year 2015, the group reported total revenue of R1.38 billion for the year\u00a0– up from R1 billion in 2014 –\u00a0including both its Curro and Meridian branded schools.<\/p>\n
Profit for the year was up 80% to R92 million, after R1.03 billion in operating expenses and other deductions.<\/p>\n
Averaged among the student population, this equates to just under R38,500 per student, with profits at R2,550 per head.<\/p>\n
For 2016, the group increased its number of students to 41,864, up 16% from 35,970 for 2015, and added five campuses, taking the total to 47.<\/p>\n
The group operates 110 schools as of January 2016, with an average of 891 students per campus.<\/p>\n
Curro also employs 2,637 teachers.<\/p>\n
Curro CEO Dr Chris van der Merwe said that the company’s vision of 200 schools – 80 campuses – by 2020 remains on track.<\/p>\n
The group’s school fees range from under R24,000 to over R90,000 a year – where 30% of students pay less than the former, Curro said. Some campuses, such as Curro Waterfall have annual fees as high as R93,600.<\/p>\n
“Approximately 50% of our learners attend our schools where the average school fees range between R2,000 and R4,000 per month, with 30% in schools with average school fees of less than R2,000 per month.”<\/p>\n
“The balance of learners attend schools where the average school fee is in excess of R4,000 per month.”<\/p>\n
Compared to other private school institutions, these fees are quite affordable.<\/p>\n
The schools use the IEB curriculum, and in 2015, 724 students wrote the IEB matric exams, with 99% passing, and 82% gaining university entry.<\/p>\n
South Africa\u2019s education has a history of failure \u2013 particularly in mathematics and science.<\/p>\n
Census data indicates that only an estimated 48% of students who begin Grade 1 actually complete Grade 12, with most learners dropping out of school in Grade 10 and 11 \u2013 while teachers and university professors claim that pass rates of 30% to 40% are just too low to be of any value, globally.<\/p>\n
Private schools still make up less than 5% of all schools in South Africa, with just over 500,000 students enrolled in private schools out of a total learner population of 12.4 million.<\/p>\n
Curro, along with another listed player in private education, AdvTech, have both made a successful business out of government’s apparent failure in public education, with the AdvTech increasing revenues by 31% and Curro boosting earnings by a whopping 1,715% since 2010.<\/p>\n
Private education\u00a0company revenues 2010 – 2015 (ZAR millions)<\/strong><\/p>\n Best private and public schools in South Africa: cost vs peformance<\/a><\/strong><\/p>\n Private companies cashing in on government failure in SA<\/a><\/strong><\/p>\n\n\n
\n Company<\/th>\n 2010<\/th>\n 2011<\/th>\n 2012<\/th>\n 2013<\/th>\n 2014<\/th>\n 2015<\/th>\n<\/tr>\n \n AdvTech<\/td>\n 1 470<\/td>\n 1 605<\/td>\n 1 687<\/td>\n 1 766<\/td>\n 1 931<\/td>\n TBA<\/td>\n<\/tr>\n \n Curro<\/td>\n 76<\/td>\n 170<\/td>\n 366<\/td>\n 659<\/td>\n 1 001<\/td>\n 1\u00a0384<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n More on education<\/h3>\n